Gordon's right on re: the blisters. Affected boats up to hull #249.
However, I think he's never sailed on or against a V40. They are excellent performers on all points of sail...just one of the reasons the V40 was voted the Cruising Boat of the Decade!
I've sailed on them and against them and, for a time, was looking for one but couldn't then find a "non-blister" boat in my price
range. Went for another Perry design instead with a taller mast
and virtually the same underbody as the V40. She's a bit faster, though, and I like that! Also, has a prettier stern :-)